13 May 2022 · 2 min read

Bitcoin and Ethereum Consolidate, ADA, APE, and Multiple Altcoins Rally

 

  • Bitcoin price is facing resistance near USD 31,000.
  • Ethereum failed to clear USD 2,120, XRP faced sellers above USD 0.45.
  • ADA recovered by 23% and is facing resistance near USD 0.60.

Bitcoin price climbed above the USD 30,000 resistance level and is currently (11:45 UTC) consolidating gains above USD 30,500. BTC jumped almost 7% in a day, trimming its weekly losses to less than 17%.

Similarly, most major altcoins are facing an uphill task. ETH recovered above USD 2,000 but struggled near USD 2,120. XRP might struggle above USD 0.450 and USD 0.465. ADA gained pace above 0.55 and faced resistance near USD 0.60.

Total market capitalization

Source: tradingview.com

Bitcoin price

After forming a base near USD 25,500, bitcoin price started a recovery wave. The price broke the USD 30,000 level to move into a short-term bullish zone. However, the bulls faced a strong resistance near the USD 31,200 zone. The next key resistance is seen near the USD 32,000 level. 

If there is a downside correction, the price might find support near USD 29,200. The next major support is near the USD 28,500 level, below which the price could revisit USD 27,000.

Ethereum price

Ethereum price also started a decent upside correction above the USD 1,950 level. ETH was able to settle above the USD 2,000 level. It even broke the USD 2,100 level, but the bears were active near the USD 2,120 level. The next major resistance is now forming near USD 2,200.

On the downside, an initial support is near the USD 1,950 level. The next major support is near the USD 1,880 level, below which the price might start a fresh decline.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained bullish momentum above the USD 0.50. It even surged above the USD 0.55 and ran into the key USD 0.60 resistance. The price is now consolidating and might find bids near USD 0.542. After rallying 23% in a day, ADA trimmed its weekly losses to 27%.

BNB bounced from the USD 200 support zone and moved above USD 300. The price might correct lower, but dips could be limited below the USD 250 level.

Solana (SOL) recovered above the USD 50 level and is now up 19% in a day. The next key resistance is now near the USD 55 level, above which the price might rise towards the USD 60 level.

DOGE climbed above the USD 0.085 level and cleared the USD 0.090 level, but the main hurdle is still in place at USD 0.10. A close above USD 0.10 is a must for upside continuation.

XRP price gained pace for a move above the USD 0.420 level. The price even spiked above USD 0.450, but it failed to continue higher. The next key resistance is near USD 0.465.

Other altcoins market today

Many altcoins are in the green zone, including DOT, AVAX, SHIB, MATIC, NEAR, BCH, XLM, APE, MKR, ZEC, ALGO, QNT, ATOM, and HBAR. Out of these, APE rallied 46% and broke the USD 9.00 level, while FTM, MANA, GMT, and GALA are up 50%-66%.

To sum up, bitcoin price is struggling to clear the USD 31,200 resistance level. If BTC climbs above USD 31,200, it could accelerate higher in the near term.

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